Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; Offsetting Depletion and Increasing Mineral Reserves at Key Operations

The most recent news, released on November 26, 2025, provides an annual update on the company's Mineral Reserve and Mineral Resource (MRMR) estimates as of September 30, 2025. Key highlights include: - A 5% year-over-year increase in Proven and Probable (P&P) gold Mineral Reserves to 12.53 million ounces, net of depletion. - A significant 21% year-over-year increase in Inferred gold Mineral Resources to 8.17 million ounces. - The reserve growth was primarily driven by a 25% increase at the Lamaque Complex in Canada. - The company successfully offset mining depletion at its key operations: Lamaque, Kisladag, and Olympias. - The Mineral Reserves were calculated using a gold price assumption of $1,700 per ounce. - The updated reserves support an average mine life of 13 years across the portfolio.

The news is positive as it confirms the company's ability to replace mined reserves and grow its resource base, underpinning a long-term production profile. The 25% increase in reserves at the high-margin Lamaque Complex is a particular bright spot, adding significant value in a top-tier jurisdiction.

However, a critical assessment reveals a key factor that tempers the positive headline. The reserve calculation used a gold price assumption of $1,700/oz, a substantial 17% increase from the $1,450/oz used in the prior year's (2024) estimate. While a 5% increase in reserves is commendable, it is significantly aided by this higher price deck. This suggests that organic reserve growth from drilling, while present, is not as robust as the headline number implies.

This news should be viewed in the context of recent operational and project updates: - Project Execution: In February 2025, the company announced a delay in first production at the critical Skouries project to Q1 2026, coupled with a $143 million (15.5%) capital cost increase. This remains the single most important driver for the company. - Cost Pressures: In the Q3 2025 results (October 30, 2025), the company raised its full-year cost guidance, citing higher royalties in Turkiye and operational challenges at the Olympias mine. This highlights ongoing margin pressure despite high gold prices.

The positive reserve update provides a welcome long-term assurance against a backdrop of near-term execution and cost challenges. It reinforces the quality of the asset portfolio but does not fundamentally alter the immediate risks. The market will likely view this news as a confirmation of the thesis rather than a game-changing event.

Eldorado Gold is a mid-tier gold producer with four operating mines in Turkiye (Kisladag, Efemcukuru), Canada (Lamaque), and Greece (Olympias).

The company's flagship development project is the Skouries gold-copper project in Greece. It is a high-grade porphyry deposit that is expected to be a long-life, low-cost mine. The project's successful completion is the cornerstone of Eldorado's growth strategy, as it will significantly increase gold production, add substantial copper production, and transform the company's free cash flow profile. Construction was restarted in 2023 and is advancing toward a targeted first production in Q1 2026.